Tax Guru – Ker$tetter Letter

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Archive for November, 2013

Posted by taxguru on November 29, 2013

The Latest IRS Political Crackdown –  As with any dictatorship, the BHO Regime is still using all government agencies, including the IRS, to stifle any opposition. 

 

Posted in Uncategorized | Comments Off on

Corporate Minutes Scam in the mail

Posted by taxguru on November 3, 2013

While I know that this scam has been aimed at Arkansas corporations, I am guessing that the scammers will also be doing the same phishing for suckers in other states.  In true scammer fashion, their website is as bland and nondescript as one can be, with no trace of the identities of the crooks behind it.  

 

From a Client:

Subject:  Annual Minutes Requirement Statement

Kerry ,

 
We received this letter yesterday and not quite sure if it needs to be addressed by us or not since we closed out the Corp. thought I let you look at it first . Please let me know what you think if this is something new for the Corp .
 
Thank You

 

My Reply:

That’s a complete scam that you can ignore.

Actually, I received two of those in the snail mail yesterday; one addressed to each of our corporations.

It looks like those scammers calling themselves Compliance Services got the list of all Arkansas corporations and sent them all those letters for their bogus “service.”  At $125 a pop, if they can get a few hundred suckers to fall for it, they will make some good money.

 

 

Posted in corp, scams | Comments Off on Corporate Minutes Scam in the mail

IRS 2014 Inflation Adjustments

Posted by taxguru on November 2, 2013

IRS has announced their official 2014 inflation adjusted tax figures.

2014 Inflation Adjustments

Pension Limitations 2014

 

 You can download the full details in Rev Proc 2013-35 here (22 page pdf

 

 

Posted in IRS | Comments Off on IRS 2014 Inflation Adjustments

For 1031s out of California

Posted by taxguru on November 1, 2013

Under IRC Section 1031, it has always been allowable to defer gains from the sale of property in one state by replacing it with like kind property in another state.  However, if that replacement property is ever sold, the gain that was deferred from the first state is supposed to be reported and paid to that state.  That has pretty much been handled on the honor system for sellers to voluntarily report to the previous state.

It appears that the rulers in Sacramento don’t much trust this honor system for former investors in California property and are now instituting new requirements for those sellers to keep in touch with the FTB every year until the replacement property is sold. Because the replacement property may be exchanged for another like kind property, and on and on, this could go on for several decades. In fact with the popular “swap til you drop” technique of investing, it is possible that there will never even be a taxable sale of the replacement property.

 As explained in this article from the most recent FTB newsletter, this rule takes effect as of January 1, 2014; but they are still working out the details as to the exact forms and procedures for the annual notification filing. Since this situation applies to many of our clients, who disposed of California property and reinvested into other states, this is something that I will be dealing with for a long time to come; so I will be commenting on any interesting new developments as I learn of them.

TaxCoach Software: Finally! Plain-English Tax Planning That Builds Your Business!
 

 

Posted in 1031, Calif | Comments Off on For 1031s out of California